A switch to wholesale clients could backfireBY BRAD FOX | THURSDAY, 6 AUG 2020 12:11PM You have to wonder when the 'wholesale investor' and 'sophisticated investor" definitions will be reconsidered by ASIC - but here's an interesting thought - most people expect ... Upgrade your subscription to access this article
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Passing the baton
LIAM ROCHE
ADVICE ASSOCIATE
EUREKA WHITTAKER MACNAUGHT PTY LTD
ADVICE ASSOCIATE
EUREKA WHITTAKER MACNAUGHT PTY LTD
Liam Roche's experience in customer relationships and paraplanning has set him up for success as a financial adviser. Now undertaking the Professional Year, the advice associate at Eureka Whittaker Macnaught tells Karren Vergara how a new breed of advisers is flying the flag.
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IntraFund "advice" marketing reps are the 1980s version of the old tied agent model, who are being paid without bi-ennial opts in & without receiving informed consent for charging those fees. Might be worthwhile doing a google search on what "consent" means & why courts send people to jail for not obtaining it.
Brad, we all saw this outcome... i.e., cost of advice soaring, good advisers leaving and consumers bearing the consequences. Problem is, our representative "associations" meekly submitted to the politicians who were stubbornly seeking misplaced vindication by lambasting the humble adviser.
There is something needed to fill the gap that i believe today extends up to those earning around $100k. Most of my clients are under $70k i can no longer really afford to work for them and they can not afford me. They dont usually have big problems to solve. Being tied to one fund manager and one or two life offices would look after most of them.